BCA: 71% of BCA clients gave a bullish rationale for AI equities this week, most citing scarce compute. On LinkedIn and X, 61% picked a bearish one, valuations or rolling-over free cash flow.

That's not two different forecasts so much as two different clocks. Backlogs (up ~$750bn across hyperscalers in two quarters) say the supply constraint still binds. Multiples and cash flow say the repricing risk is already on the table.

The bulls won our recent debate on macro and late-cycle returns, while agreeing the capex second derivative has already turned negative. The bull case here is a statement about when, not whether.